VERY RARE WASS MOLITOR & COMPANY 1855 SMALL HEAD $20, GRADED AU53 BY PCGS AND APPROVED BY CAC

Kagin-7, High R-6.

The firm of Wass Molitor & Company was the last of the private minters to operate in San Francisco—having reopened for business due to the inability of the newly-opened San Francisco branch mint to keep up with demand for high-denomination gold coins during their first two years of operation. In 1852, this firm had produced two varieties of half eagles and three varieties of eagles. They were inactive in 1853 and 1854, but struck eagles, double eagles, and fifty dollar coins in 1855. The double eagles dated 1855 are represented by two distinct varieties: the Small Head (K-7), and the very rare Large Head (K-8).

Wass Molitor was not concerned with the quality of the designs for these 1855 eagles as they represented emergency issues for the coinage-starved Californians. In addition to using an obverse Liberty Head design in which the portrait is too small for the fields, the dies were not properly prepared which led to poor strikes. The 1855 Small Head $20 must be graded by its luster, and even that is not a surefire way of determining the amount of wear on this issue.

The present example is choice for the assigned grade, and I think it compares very favorably to the NGC AU55 which sold in January 2024 for $180,000. It is far more natural than the NGC coin, and it shows much nicer color and luster.

This issue is a solid R-6 with an estimated 25-30 known. It is unique in Uncirculated, with the sole example a lovely PCGS/CAC MS62 which I sold to the Palisades Collection a few years ago. In my opinion, that coin would sell quickly in today’s strong Territorial market for as much as $400,000-500,000, which makes this nice PCGS/CAC AU53 a very fair value at around 1/3 the price.

PCGS shows a total population of 27, but this number is significantly inflated by resubmissions. In AU53 there are two graded with just six finer (four in AU55, one in AU58, and one in MS62). CAC has approved this one coin in AU53 with three finer (two in AU55 and a single coin in MS62).

As I mentioned above, Heritage 2024 FUN: 4435, graded AU55 by NGC, sold for $180,000 and it wasn’t even close to the current coin in terms of overall quality.

If you appreciate true rarity and California Gold Rush history, this wonderful, fresh-to-the-market, 1855 Wass Molitor Small Head eagle should prove irresistible.

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